My biggest fear is just my memory, lossing the actual USB stick because you forget where you put it 
You can backup as many memory as you wish..
Topic: USB stick as cold wallet, one thing... (Read 1932 times)
You can backup as many memory as you wish..
You can use it offline also. Basically works as you send a transaction on your offline computer, transfer the data of the transfer on your online computer via usb stick. You don't ever have your wallet online.
Ok so I do not have to be online after plugging in the usb in order to open the wallet and then send coins?
That is giving me a much better feeling, thought I had to be online to send.
Thank you
Although I know it is possible to receive coins while being offline, I thought you had to be online to send coins? Doesn't initiating a transaction require broadcasting it to the network?
You do broadcast it, you then take the data from your usb, and upload it to the online wallet.
https://bitcoinarmory.com/about/using-our-wallet/
In any case, I still fall to grasp the concept of you owning all of your wealth at home. Im so used to have my (little) money in banks that I would be scared to have all of it at home. In a scenareo without banks, your house becomes a big ass target. Not me as im broke, but for someone that is a Bitcoin rich guy, I would be scared knowing there are millions in some USB or paper wallet in my room, it's like asking for it.
I honestly think you're better off with a safety deposit box and some acid free paper. If someone has unfettered access to that room there are far more valuable things than a bitcoin wallet.
Depends if you that the bank staff not to look through your possessions while your gone. While jewellery cannot go missing from a bank safe deposit without some big questions, if some scrupulous staff member copies down your private key/mnemonic they could move the coins without having to steal the actual paper. And with the paper still where it should be you have no way to prove that it was the banks incompetency.
Not likely to happen, they keep very good records of who accessed what box when.
And there is no reason to tell them what is in your box, so the only possible danger is an employee than randomly looks, and that's the kind of employee that gets caught and fired.
I prefer a paper wallet. It is less prone to failure and easy to stow in several places in case of disasters etc.
Yes, make a bunch of paper wallets - put them in secure envelope with public address on the outside.
Put them in safe deposit box (record public address first) or somewhere in case your house burns down.
You can make lots of them in advance so you only need to go to safe deposit box when you are short of funds and need to import some of them for use.
Appreciate everyone's reply, wow a lot to consider, long term data storage vs functionality of stick vs paper and storage/security etc.
So a usb stick, should it start corrupting after X or XX number of years, it is a complete loss, no recovery option available?
So a usb stick, should it start corrupting after X or XX number of years, it is a complete loss, no recovery option available?
My biggest fear is just my memory, lossing the actual USB stick because you forget where you put it
exactly and you lose everything instead. I do have a linux which is protected with passwords from booting to user login, this i think will make them scratch their head first and they might not even locate the directory to which i put my btc details even if they know how to use grep.
I have 5 usb sticks for storing my wallet files, it's not expensive, you can buy a 2gb stick for like 3 to 5 bucks.
You can use it offline also. Basically works as you send a transaction on your offline computer, transfer the data of the transfer on your online computer via usb stick. You don't ever have your wallet online.
Ok so I do not have to be online after plugging in the usb in order to open the wallet and then send coins?
That is giving me a much better feeling, thought I had to be online to send.
Thank you
Although I know it is possible to receive coins while being offline, I thought you had to be online to send coins? Doesn't initiating a transaction require broadcasting it to the network?
I honestly think you're better off with a safety deposit box and some acid free paper. If someone has unfettered access to that room there are far more valuable things than a bitcoin wallet.
Depends if you that the bank staff not to look through your possessions while your gone. While jewellery cannot go missing from a bank safe deposit without some big questions, if some scrupulous staff member copies down your private key/mnemonic they could move the coins without having to steal the actual paper. And with the paper still where it should be you have no way to prove that it was the banks incompetency.
Maliciousness, not incompetency.
I honestly think you're better off with a safety deposit box and some acid free paper. If someone has unfettered access to that room there are far more valuable things than a bitcoin wallet.
Depends if you that the bank staff not to look through your possessions while your gone. While jewellery cannot go missing from a bank safe deposit without some big questions, if some scrupulous staff member copies down your private key/mnemonic they could move the coins without having to steal the actual paper. And with the paper still where it should be you have no way to prove that it was the banks incompetency.
I honestly think you're better off with a safety deposit box and some acid free paper. If someone has unfettered access to that room there are far more valuable things than a bitcoin wallet.
Really depends on how "cold" you want the storage to be. I wouldn't want to have to go to a bank vault if I decide to use my coins, so I use offline Armory as a compromise between safety and functionality. I don't have that many bitcoins though. If I was holding a large amount I'd definitely go with your suggestion.
I honestly think you're better off with a safety deposit box and some acid free paper. If someone has unfettered access to that room there are far more valuable things than a bitcoin wallet.
USB drives can be known to corrupt easily also. Paper wallet is best IMO
USB drives can start losing data after more than 10 years without being powered. SanDisk makes this thing called the Memory Vault which is meant to protect your photos and videos for up to 100 years and it should work as a Bitcoin cold storage solution too, but it's very expensive.
Also on a side note, if I had the chance to buy a USB cold wallet ( the btc it contains that is) it is best to get the coin sent to my own wallet cold wallet (USB btc address), correct, never buy the stick because the seller could have multiple copies, correct? Friend or not, better safe than sorry I guess.
Correct, never buy someone else's wallet. Buy the bitcoins and get them sent to your wallet.
But can you not make copies of that usb data? Have multiple sticks?
I'm not familiar with the wallet in the video, but it seems similar to Armory. You should make copies of your usb AND make a paper backup (keep it somewhere very safe as your wallet can be restored from this without a password)
USB drives can be known to corrupt easily also. Paper wallet is best IMO
I prefer a paper wallet. It is less prone to failure and easy to stow in several places in case of disasters etc.
But can you not make copies of that usb data? Have multiple sticks?
My biggest fear is just my memory, lossing the actual USB stick because you forget where you put it
exactly and you lose everything instead. I do have a linux which is protected with passwords from booting to user login, this i think will make them scratch their head first and they might not even locate the directory to which i put my btc details even if they know how to use grep.
You can use it offline also. Basically works as you send a transaction on your offline computer, transfer the data of the transfer on your online computer via usb stick. You don't ever have your wallet online.
Ok so I do not have to be online after plugging in the usb in order to open the wallet and then send coins?
That is giving me a much better feeling, thought I had to be online to send.
Thank you
My biggest fear is just my memory, lossing the actual USB stick because you forget where you put it
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